JPMorgan Chase is to acquire the global loyalty business of cxLoyalty Group Holdings. Specifically, the deal includes cxLoyalty’s technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses.
cxLoyalty has over 40 years of experience. It offers expertise in designing, administering and fulfilling loyalty programmes. The bank says that it complements JPMorgan Chase’s reputation of providing customers with elevated and differentiated value. The deal is expected to accelerate the strong foundation built in loyalty, including for Chase’s Ultimate Rewards platform and cxLoyalty’s existing clients. The aim is to offer a more holistic, end-to-end customer travel journey for all customers. The cxLoyalty brand and existing client relationships will continue to be led by cxLoyalty Group CEO Todd Siegel.
‘Exceptional travel benefits at-scale’
“This investment demonstrates our commitment to deliver exceptional travel benefits at-scale to our large and rapidly growing customer base. People across the globe want to vacation and travel again. Hopefully that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel,” says Marianne Lake CEO, Consumer Lending, JPMorgan Chase.
“JPMorgan Chase is the right partner to further invest in our leading loyalty business,” says Todd Siegel, CEO, cxLoyalty. “This partnership allows us to strengthen and expand our technology solutions, rewards content and world class personalised customer experience for our Fortune 500 clients and their millions of customers, globally.”
Lake adds: “We welcome Todd and cxLoyalty to JPMorgan Chase, and look forward to creating more value for our shared customers and clients.” JPMorgan Chase credit card customers will continue using Ultimate Rewards as usual and over time, will have access to enhanced travel experiences.